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Esmark makes $7.8-billion offer for U.S. Steel Corp

Published 08/14/2023, 03:07 PM
Updated 08/14/2023, 03:55 PM
© Reuters. FILE PHOTO: U.S. Steel Corp administrative offices for its Granite City Works in Granite City, Illinois, U.S. on July 5, 2017. REUTERS/David Lawder

(Reuters) -Esmark, a privately held company, said on Monday it had made an offer to buy U.S. Steel Corp for $35 per share, or an equity value of $7.8 billion.

On Sunday, U.S. Steel launched a formal review of strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs (NYSE:CLF).

The unsolicited cash-and-stock offer from Ohio-based Cleveland-Cliffs valued U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday.

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